Southwest Gas Closes Second Supplemental Open Season for 2028 Expansion Project
Written by Emily J. Thompson, Senior Investment Analyst
Source: PRnewswire
Updated: 51 minutes ago0mins
- Growing Demand: Southwest Gas's successful closure of the Second Supplemental Open Season for the 2028 Expansion Project reflects the ongoing demand for reliable natural gas transportation services in Northern Nevada, enhancing the company's market position in the region.
- Project Execution: Launched on November 11, 2025, this open season allowed potential shippers to submit binding requests and evaluate the final scope of the expansion project, ensuring it meets the increasing energy demand.
- Infrastructure Planning: The company plans to advance infrastructure construction upon receiving approval from the Federal Energy Regulatory Commission (FERC), which is expected to enhance the service capacity of its existing 898-mile transmission system and support economic development in Nevada.
- Future Outlook: Although the specific construction costs of the project remain undetermined, the company indicated it will update related financial guidance during its fourth quarter 2026 earnings call in February, demonstrating its commitment to the project and confidence in future growth.
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Analyst Views on SWX
Wall Street analysts forecast SWX stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for SWX is 86.25 USD with a low forecast of 82.00 USD and a high forecast of 91.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
4 Analyst Rating
3 Buy
1 Hold
0 Sell
Strong Buy
Current: 79.080
Low
82.00
Averages
86.25
High
91.00
Current: 79.080
Low
82.00
Averages
86.25
High
91.00
Mizuho
Gabriel Moreen
Outperform
initiated
$91
2025-10-29
Reason
Mizuho
Gabriel Moreen
Price Target
$91
2025-10-29
initiated
Outperform
Reason
Mizuho analyst Gabriel Moreen initiated coverage of Southwest Gas with an Outperform rating and $91 price target. The firm views the investment case as "increasingly de-risked" with the completed separation of Centuri, improving regulatory backdrops in Arizona and Nevada, and a strengthening balance sheet. Arizona can be a "more structurally supportive operating environment" for Southwest Gas by 2028, the analyst tells investors in a research note. Mizuho also sees "significant upside" from the company's Great Basin Expansion.
BofA
Ross Fowler
Neutral -> Buy
upgrade
$76 -> $84
2025-08-29
Reason
BofA
Ross Fowler
Price Target
$76 -> $84
2025-08-29
upgrade
Neutral -> Buy
Reason
BofA analyst Ross Fowler upgraded Southwest Gas (SWX) to Buy from Neutral with a price target of $84, up from $76. Southwest selling its interest in Centuri Holdings (CTRI) and recycling capital into its core utility will result in higher earnings and rate base growth, as well as an improved valuation, the analyst tells investors.
Jefferies
Hold
to
Buy
upgrade
$74 -> $82
2025-07-08
Reason
Jefferies
Price Target
$74 -> $82
2025-07-08
upgrade
Hold
to
Buy
Reason
Jefferies upgraded Southwest Gas to Buy from Hold with a price target of $82, up from $74. Arizona's System Integrity Mechanism settlement creates "immediate value" through annual recovery of 40% of infrastructure capital spending in the state starting in April 2026, while Nevada's newly signed SB 417 "lays the foundation for the implementation of formula rates," according to the analyst, who argues that this regulatory momentum accelerates Southwest's earnings power beyond Street expectations.
JPMorgan
Richard Sunderland
Neutral
downgrade
$79 -> $75
2025-05-28
Reason
JPMorgan
Richard Sunderland
Price Target
$79 -> $75
2025-05-28
downgrade
Neutral
Reason
JPMorgan analyst Richard Sunderland lowered the firm's price target on Southwest Gas to $75 from $79 and keeps a Neutral rating on the shares. The firm updated models in the North American utilities group.
See All Ratings
About SWX
Southwest Gas Holdings, Inc. is a holding company. The Company operates through its subsidiary, Southwest Gas Corporation (Southwest). The Company operates through its segment, Natural Gas Distribution. The Natural Gas Distribution segment is engaged in the business of purchasing, distributing, and transporting natural gas. The Company and its subsidiary provide regulated natural gas delivery services to customers in portions of Arizona, Nevada, and California to meet heating, cooking, and other household needs in residential communities across these territories, as well as to facilitate the ongoing business operations of commercial and industrial customers.
About the author
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Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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